A Birmingham city centre office building, also housing Chung Ying Central restaurant, has been sold for over £2m.
A private investor has acquired the 10,000 sq ft building on Colmore Row which is also housing to major stockbroker firms and chartered surveyors.
The building consists of eight, self-contained office suites arranged across the first to fifth floors, generating over £103,500 of yearly rental income.
Colliers International completed the sale, with the Associate Director, Nick Hammond explained that the period building offers excellent investment potential owing to its location and redevelopments, regardless of the current condition of the market.
This sale is another exciting example of Birmingham’s growth, showing investor confidence within a robust occupier market for restaurant and office space in the city.
George Jennings, director at Joint agents of the sale, Bilfinger GVA director, ‘George Jennings explained that this fast sale with a good figure following the Brexit result is a strong demonstration that uncertainty is having little effect upon Birmingham’s commercial property market.
There remains to be a limited supply of good quality long-leasehold and freehold properties in the centre of Birmingham, being acquired rapidly by investors.